FORT LAUDERDALE, FL-Las Olas Riverfront has traded for $16.7 million in an all-cash transaction. The property has been in flux since 2008, when Cerebrus Capital Management affiliate Madeleine LLC purchased the asset for $21.8 million. In the most recent transaction, Las Olas Riverfront, LP purchased the property for from CRE Las Olas Riverfront LLC, an entity owned by a large private equity fund.
Colliers International South Florida represented both the buyer and the seller in the transaction. Colliers senior VP-partner John Crotty, senior VP of Retail Services Mia Stierheim, and president Michael T. Fay represented the seller in the transaction. Colliers senior VP Achikam Yogev represented the buyer of the landmark property.
“This was challenging because ultimately the entity that was going to buy the property needed a vision that corresponded to seller’s price expectations,” Yogev tells GlobeSt.com. “We were successful in bridging a gap here between the parties. The buyer has a very specific vision for the property and is comfortable with the Fort Lauderdale market and the needs of downtown.”
Once upon a time, Boca Developers had ambitious plans to build an upscale condo, hotel and office tower to encourage a work-live-play lifestyle along the New River. But the 3.67-acre riverfront project largely flopped. Stiles Corp. was mentioned among the possible suitors for the 244,667-square-foot open-air lifestyle center three years ago.
The new owner plans to reposition the property. The property offers a potential opportunity to develop up to 1.3 million square feet of residential, office, retail, and hotel accommodations, with the right to apply for additional square footage and use rights through the City of Fort Lauderdale and Broward County.
Momentis Property Group, an asset-management company which specializes in repositioning and managing distressed real estate assets, managed the project. Momentis, led by Jeffrey J. Ramos, CEO, and Joe Hernandez, acting general counsel, took control of Las Olas Riverfront in August 2008 when it had significant maintenance issues and addressed physical and life and safety issues in order to generate cash flow. Momentis also managed the process of purchasing the existing mortgage and foreclosure to resolve any title related issues.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
